9 documents showing 1–9

ERIE's 25% management fee on its sole client — the loss-making Erie Insurance Exchange — looks unsustainable; a 2003-style cut plus peer-level multiple would drive 35-55% downside to $211-$317.

Magellan destroyed $700M of value through failed acquisitions and three 2018 guidance cuts; Starboard's six-director slate will overhaul the board and run a parallel sale process at peer multiples.

Spruce Point sees 25-50% downside in Amdocs (DOX): a Guernsey-domiciled telecom-IT vendor whose steady margins, opaque insider selling via Pines Quest, and dot-com-era accounting tricks signal $30-$45 per share.

Assured Guaranty is a melting-ice-cube bond insurer aggressively returning capital it hasn't earned; Puerto Rico losses alone (2-4x reserves) will force a capital raise or strip the AA rating it needs to write new business.

Edgewater's entrenched legacy board has overpaid two underperforming executives for 14 years; replacing four directors with Ancora's slate unlocks a turnaround in this sub-scale IT consultant.

Hong Kong's USD peg forces the booming HKD to import US ultra-accommodative monetary policy, fueling inflation and property bubbles; a 30% revaluation to 6:1 offers ~44x upside via cheap call options.

Wendy's is fundamentally a franchise + real estate business trading at a peer-gap discount; the Triarc merger and OpCo turnaround unlock 75-85% upside to $49-$52.

Time Warner has underperformed its peer index by 51% under Parsons; splitting into four SpinCos (AOL, Content, Publishing, Cable) plus a $20bn buyback unlocks $30-45bn — a 35-54% premium.

Greenlight argues Allied Capital overstates NAV by mismarking illiquid BDC loans and funds its dividend with non-cash PIK income and fees from Enron-Raptor-style controlled subsidiaries.